Hey Snackers,
Lose yourself… in the metaverse? This year’s VMAs included a Best Metaverse Performance category for the first time, featuring Snoop Dogg and Eminem performing as Bored Ape avatars.
Stocks ticked down yesterday, extending Friday’s Powell-driven drop. The 2-year Treasury yield surged to its highest level since 2007.
Powell’s prognosis… The #flationary fight ain’t over. On Friday, Fed chair Jerome Powell said he plans to keep hiking interest rates until inflation’s under control — which could take a while. The news disappointed some investors, who hoped rates had peaked after inflation cooled last month. Powell acknowledged “pain” ahead. Markets responded accordingly:
Bitter pill… Powell’s ready to make sacrifices. His statement disappointed investors but was no surprise. For months JPow’s said he’ll keep fighting inflation till it sinks to near the Fed’s target of 2% — even if it means some economic pain. Last Friday he doubled down. Now he expects:
No pain, no gain… Powell’s prescription may hurt now, but a temporary slowdown is better for markets and consumers than spiraling inflation. The medicine appears to be helping Americans already: real disposable income rose in July after falling for months. But painful side effects include slumping stocks and increasing layoffs. Despite that, jobs have (so far) been resilient. August hiring data comes out Friday.
Smart soup... Panera’s serving up broccoli-cheddar bread bowls with a side of AI. Yesterday two Panera locations in upstate New York started testing an artificial-intelligence bot called "Tori," which takes drive-thru orders and interacts with customers.
From Tori to taco elevators... Fast-foodies have invested heavily in drive-thru tech since the pandemic. While lockdowns are over, takeaway sales have stayed elevated: prepandemic, less than 70% of fast-food sales came from drive-thrus. Now it’s more than 90%.
Labor pains lead to robo gains... North American companies bought a record # of robots in the first half of this year to keep operations afloat. With nearly two roles open for every unemployed worker, total US labor costs surged a record 5% last quarter. While Panera locations aren't factories, it's hoping that robo drive-thrus will ease the labor crunch. If it’s successful, others could follow.
Authors of this Snacks own: bitcoin and shares of Apple, Nvidia, and Moderna
ID: 2401973